FISCAL: Budget: 1934

Fiscal 1931 produced a Federal deficit of $903,000,000. Fiscal 1932 closed with the
Treasury $2,472,000,000 in the hole. For current 1933 a deficit of
$1,146,000,000 is indicated by June 30*. Last week President Hoover
sent to Congress the 1934 Budget in which a fourth deficit of
$307,000,000 was forecast. On such a showing President Hoover would
have the unhappy distinction of being the first President to complete
his term with his budgets continuously unbalanced.

But President Hoover was determined to make one last fighting stand
against another deficit. Said he in his budget...